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2023-03-25 23:46:17 ET Summary Richemont is moving towards a secondary listing in Johannesburg. LVMH acquisition speculation? A likely no-go for Antitrust regulations. Swiss watch exports are still above the pre-COVID-19 levels. We maintain our equal weight valuation. ...
2023-03-21 15:31:44 ET Summary Farfetch’s share price plummeted because investors were scared by its underperformance and delayed profitability path. Our analysis shows that underperformance was mainly caused by the macroeconomy and not company-specific mistakes. The pr...
Summary Gardner Russo & Quinn’s 13F portfolio value increased from $8.27B to $9.06B. Russo increased Netflix while reducing Unilever during the quarter. The top three 13F stakes are Berkshire Hathaway, Nestle, and Mastercard. They add up to ~40% of the portfolio. ...
Summary The performance of the Swiss Helvetia Fund hasn't been great in recent years despite the elevated expense ratio. Its defensive exposure could also underperform as we head into a risk-on market environment this year. While the fund trades at a NAV discount, I won't be buying ...
Summary Capri operates in a large and growing personal luxury market that is relatively resilient to adverse macro headwinds. The company may become a beneficiary of industry consolidation. Strategic brand development plans include both expanding its physical footprint and increasin...
Summary Chinese sales significantly impact Richemont's quarterly accounts; however, we believe that this is temporary. China sales are up single digits in January 2023. It's not just China as we forecasted, even US sales are slowing down. Richemont is still trading at a 20% discount...
Swiss luxury group Richemont ( OTCPK:CFRUY ) highlighted a positive sales trajectory into 2023 despite lingering impacts of China’s lockdowns on sales. The company posted 5% sales growth for its fiscal third quarter, led by double-digit growth in its Jewelry Maisons divisio...
Summary The UK based boots' manufacturer Dr. Martens has seen a price fall of over 45% in the past year, despite sustained growth and good margins. Some fall in margins is expected as it makes investments, among other things, in e-commerce. But growth is expected to stay healthy. It...
Summary Divergence between Farfetch's growth with luxury brands such as LVMH, Richémont, and Hermés. Luxury shoppers prefer the in-store experience to e-commerce and even within e-commerce, monobrands have gained share over marketplaces. Top large luxury brands have little...
Summary LVMH is up by 21% since my last update in October, supported by strong sales numbers for the first nine months of 2022. Is there more upside to it? Encouragingly, demand from Asia ex-Japan has picked recently and the group has seen consistent double-digit growth across seg...
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After a challenging 2019, many market watchers anticipated a better diamond outlook in 2020 . The year did show promise early on with a number of large diamond discoveries , but COVID-19 lockdowns and the fallout from the global pandemic have weighed heavily on the sector. As Avi Krawi...